Despite numerous references in the popular press to the Millennial Generation – their tastes, habits, and work ethic - most of us are unclear about what exactly defines a millennial. Also referred to as Generation Y, Generation Me, Echo Boomers, and the Peter Pan Generation, let’s review some facts about a generation.
What is a millennial? There is no ‘official’ definition of the dates within which someone needs to be born to be classified as a millennial. Each researcher uses their own definition. TIME Magazine, for example, has defined millennials as those born between 1980 and 2000, while The New York Times sometimes uses 1978 to 1998. Most researchers, however, tend to use the early 1980s as the start date with an endpoint ranging from the mid-1990s to the early 2000s.
The Pew Research Center, one of the leading authorities on social and demographic trends in the United States, uses the following generational definitions in their work. Which generation do you fall into?
How many millennials are there relative to other generations? The Pew Research Center estimated in a recent report that millennials surpassed baby boomers in 2015 as the nation’s largest living generation: 75.4 million millennials versus 74.9 million baby boomers.
The Center believes millennials will remain the largest generation for the next 35 years. The millennial population, as shown in the chart below, is estimated to peak at 81.1 million in 2036 due to immigration adding more people to this group that any other. The baby boomer generation will shrink as the number of deaths exceeds the number of older immigrants coming to the United States.
How did millennials vote in the recent Presidential election?
Shortly after the November election, Tufts University’s Center for Information and Research on Civic Learning and Engagement (CIRCLE) released a report on the voting behavior of millennials, which they defined as 18 to 29 years old at the time of the election. There were 3 interesting takeaways in their report:
· Voter turnout. 50 percent of the millennial electorate voted in the Presidential race, up slightly from 49 percent in 2012, but down from 5 2 percent in 2008.
· Candidate preference. Hillary Clinton won 55 percent of the millennial vote to 37 percent for Donald Trump.
· Party affiliation. Most millennials self-identify as moderates (38 percent), followed closely behind with 37 percent as liberal, and 26 percent as conservative.
How are millennials faring economically relative to other generations? For a witty take on the topic, check out a 3-minute video from The Atlantic Magazine.
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